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As part of our integrated thinking and to support effective decision-making, we continuously examine the quality and availability of capital inputs. We also consider our impact on the capitals, as well as the trade-offs we make in our use of them.
Expand sections below for more information
Natural
Spectrum, energy and land. We need these natural resources to provide our services. Spectrum availability is constrained in many markets, challenging service quality. Similarly, the supply of electricity is not uniform across our operations, with implications for maintaining consistent network availability.
Creating shared value is one of our strategic priorities: we integrate sustainability principles as an enabler of business resilience, risk mitigation and to create long-term value. We engage with industry bodies to advocate for fair spectrum management. We proactively manage spectrum renewals and licence applications while optimising spectrum allocation to support network growth.
We continue to expand our use of solar and other renewable energy sources to power sites. This provides cost savings and greater network reliability in many areas, with reduced downtime and capital costs in the near and longer term.
We work to reduce our product packaging and e-waste footprint. By using recyclable materials, we achieve cost efficiencies, environmental gains and reduce e-waste while improving affordability and accessibility for more people. BioSIMs are an exciting innovation.
By 2025, MTN had achieved a 48% reduction in Scope 1 and 2 emissions against the 2021 baseline. Excluding MTN SA, the Group achieved a 9% reduction. This reflects the effect of decarbonisation measures, together with changes in the Group’s operating footprint (i.e. tower sales). While this represents strong progress, our operations continue to affect natural capital through the use of non-renewable resources, as well as emissions and waste. Although emissions were lower, they still represent a negative impact on natural capital.
We were encouraged by the reduction in our waste footprint in 2025. Project Infinity continued to divert waste from landfill, although 2025 volumes were lower year-on-year due to temporary operational factors that affected inbound material.
Our investment in renewable energy supports manufactured and social capital, although it negatively impacts short-term financial capital. Over time, however, we expect this investment to contribute positively to financial capital through operating cost savings. Through Project Zero, we continue to strengthen natural, human and social capital.
Financial
Debt and equity financing, as well as cash generated and upstreamed from operations and investments. In our work to deliver value to all stakeholders, we invest in high-return operations, which fund our financial aims and in so doing deliver value for our equity shareholders and holders of our debt.
By providing platforms of choice for consumers, homes and businesses, we deliver on our strategy. Achieving returns ahead of our cost of capital in each of our operations allows for greater investment and returns to our stakeholders. Profitable growth begets greater prospects for further investment – both from our host countries and in accessing additional funds for new investments.
The MTN Group’s capital structure favours a lower proportion of debt to provide strategic decision-making headroom and to be able to execute timeously on opportunities without the constraints inherent in a higher debt-burdened business. A strong balance sheet and financial outlook are crucial to achieving much of our strategic intent.
By leveraging intellectual and human capital, we have shifted from historically higher US dollar debt funding into more local currencies. The Group’s leverage ratio is just 0.3x after R17.4 billion in cash was upstreamed from operations in 2025. Debt usage allows for more flexibility in our operations to invest for growth.
In 2025, we delivered an adjusted ROE of 25.6%. While this was above our target of 25% and reflects positively on our financial and social capital, we will, going forward, use ROCE (high-20% to low-30%) as our primary performance measure.
Adjusted EPS of 1 359cps was achieved. Confidence in our cash-generation capabilities in the year ahead resulted in an increase in the 2025 dividend to 500cps (versus an expected 370cps). This boosted social capital.
Intellectual
Our culture; our know-how; proprietary and licensed technology, procedures and processes. Our people are the backbone of our intellectual capital, with wide-ranging expertise and skills. The guidance of our diverse and experienced Board drives our strategy, reinforcing our position as the most valuable African brand. Unique and market-leading networks, technologies and research and development underpin our purpose.
By leveraging our #1 African brand ranking and our market position, we provide leading digital solutions for Africa’s progress. We are known for our network quality and innovative digital and fintech technologies, supporting connectivity and greater financial inclusion in partnership with others.
Our directors play a key role in oversight and guidance, working to understand our operating context, opportunities and challenges, and applying their intellectual capital to deliver a cohesive strategy. Setting and monitoring the execution of strategy, which aligns the priorities of our stakeholders and delivers long-term value and growth, is a key responsibility of the Board. This responsibility also incorporates engagement, where appropriate, of nation-state stakeholder matters, which form a key part of our shared value priority.
In 2025, MTN Group was inducted into the Brand Africa Hall of Fame for sustained Top 100 performance and impact over the years. MTN was also rated the #1 brand contributing to a better Africa and for doing good for society and the environment.
We continue to partner with several organisations to grow our intellectual capital and appreciate the contributions of partners in our fintech, connectivity and infrastructure operations across our platforms and the countries where we operate.
Africa’s digital transformation requires material investment in financial capital and skills (human and intellectual capital) and ultimately should grow the stocks of each of these capitals, as well as social capital. The development of new and differentiated products and ervices to enhance customer experience positively impacts intellectual and social capital but reduces financial capital in the short term. In the longer term, all stocks of capital should benefit.
Human
The motivation, skills, safety and diversity of our employees, contractors, partners and suppliers. The evolving nature of work – accelerated by AI and automation – is reshaping the skills landscape. Future-fit capabilities are critical for sustaining MTN’s competitive advantage, yet talent scarcity in key areas threatens execution.
At MTN, our strength lies not only in our technological advancements, but also in the individuals who bring our purpose to life. It is our responsibility to create an environment where people feel empowered to innovate, grow and contribute to something larger than themselves. MTNers who are engaged, happy and supported in their jobs are more likely to remain with the company, thereby, reducing staff turnover costs and retaining experienced and qualified individuals who help our business create shared value and deliver on our strategy.
Our strategic priority to leverage AI for growth is supported by our skilled people. We encourage our staff to create and thrive in an empowering and inclusive environment underpinned by our values of Lead with Care; Can-do with Integrity; Collaborate with Agility; Serve with Respect; and Act with Inclusion.
For the fifth time, MTN was recognised as a top employer in the Forbes World’s Best Employers survey. In 2025, we moved up 101 places to #166 out of 900 global organisations and up three places in the global telecoms category to #3. In Africa we were ranked #4 overall. Voluntary staff turnover declined to 3.95%. Our employee sustainable engagement score was 85%.
We supported financial capital through an increase in staff costs, although this may be deemed as being negative for human capital. Our investment in education for AI and other new technologies potentially requires a trade-off of intellectual capital in other areas and a short-term reduction in financial capital. In 2025, we expanded growth and learning opportunities across data science, fintech, digital product management, emerging technologies and AI and machine learning. Other areas considered well capacitated did not receive a commensurate level of spend. In the long term, this is expected to expand the stocks of financial, human, intellectual and social capital.
Manufactured
Our networks: 2G, 3G, 4G and 5G base stations and fibre; data centres; electronic devices as well as public infrastructure. Technology platforms that are second to none help us extend digital and financial inclusion but come at a cost. By building common infrastructure and sharing networks with other operators within the regulatory framework, we can avoid investment duplication, drive efficiencies and benefit customers.
Providing leading networks that are reliable, fast and consistent ensures we deliver on our leading customer experience priority and supports our ambition to lead digital solutions for Africa’s progress. In 2025, this led to the number of MTN customers exceeding 300 million and active data subscribers rising to 172.6 million. Ongoing investment in our businesses is a critical part of our relationship with government stakeholders, fulfilling the conditions of our operating licences and creating shared value.
In 2025, MTN spent R51 billion in total capex (R38.5 billion ex-leases). c.75% of this was on our networks, or the infrastructure that constitutes manufactured capital. While this negatively impacted financial and natural capital, it enhanced social, intellectual and human capital as the number of people covered by our networks increased. This is consistent with our market-leading ratings and NPS for networks in South Africa and Nigeria, our two largest operations.
Smartphone penetration increased to 66.6%, with the number of smartphones on our networks rising to 203.5 million from 184.7 million in 2024.
Social
Trusted relationships with customers, communities, governments and regulators, suppliers, trade unions, industry bodies and civil rights groups. To deliver on value-creation ambitions, it is incumbent on MTN to nurture these relationships.
One of our strategic priorities is to provide the leading customer experience. Another is to create shared value. MTN continues to invest in and contribute to numerous initiatives in the countries where we operate. We do this by offering world-class connectivity and fintech products to customers; remaining tax compliant; creating jobs; and maintaining strong relationships with investors and partners.
MTN is a material contributor to the communities in which we operate, not only by providing our services and products, but also through our CSI spend, which is focused on enabling digital transformation. We recognise that sustainable and meaningful progress depends on skills development. Through various initiatives, we attract and develop the skills needed to bridge the digital divide and enhance our pool of potential employees and future customers. Greater digital and financial inclusion transforms society and benefits social capital but has a short-term negative impact on financial capital.
Driving diversity, inclusion, localisation and preferential procurement builds the stocks of social, human, intellectual and financial capital.
